Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign countries, Arun Jaitley said there is no official estimation of that.

Over 19,000 crores of black money detected by tax officials after investigations into global leaks.

New Delhi: The Income Tax department has detected over Rs 19,000 crore in black money following investigations into global leaks including HSBC account holders in Switzerland, the Indian government said on Friday.

Finance Minister Arun Jaitley said investigations into information, put into public domain by the ICIJ, pertaining to about 700 Indian persons allegedly linked to offshore entities based in no tax or low tax jurisdiction, have led to detection of more than Rs 11,010 crore of credits in undisclosed foreign accounts.

"72 prosecution complaints in 31 such cases have been filed before the criminal courts," he informed the Lok Sabha.

The government constituted a multi-agency group (MAG) in April 2016 for facilitation co-ordinated and speedy investigation in the cases of Indian persons allegedly having undisclosed foreign assets and whose names were reportedly included in Panama papers leak.

He further said that information on 628 Indian persons holding bank accounts in HSBC bank in Switzerland was received from the government of France under the Double Taxation Avoidance Convention (DTAC) between India and France.

"As a result of systematic investigation in these cases, undisclosed income of about Rs 8,437 crore was brought to tax till May 2017.